Frozen Seafood Market 2028 By Product Type, Distribution Channel and Geography

Frozen Seafood Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Frozen Fish, Frozen Crustaceans, Frozen Mollusks, Others), Distribution Channel (Supermarket and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography

Publication Month : Jul 2022

  • Report Code : TIPRE00019231
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 140
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The frozen seafood market is projected to reach US$ 22.57 billion by 2028 from US$ 16.27 billion in 2022. It is expected to grow at a CAGR of 5.6% during 2022-2028.

The frozen seafood market  demand increased owing to increasing health consciousness among consumers, along with the increasing awareness regarding the benefits of consuming frozen seafood products. Most people nowadays have a busy lifestyle and want to live a healthy one. Frozen seafood provides convenience to cook and also provides essential nutrients for the human body and brain. Additionally, frozen seafood products are less expensive and have a long shelf life. All these factors are projected to drive the growth of the market during the forecast period.

The market size is projected to witness significant growth in the coming years due to the strong presence of prominent players, such as Thai Union Group, Sterling Seafood, and Clifton Seafood Company, operating actively worldwide. A large variety of frozen seafood products gained consumers' attention. There has been a growing trend among consumers toward consuming packaged food products, leading to the frozen seafood market growth. This factor is projected to offer new opportunities to frozen seafood product manufacturers during the forecast period.

In 2021, Asia Pacific held the key share of the global frozen seafood market. However, North America is estimated to register the highest CAGR in the market during the forecast period. The Asia Pacific market is segmented into China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific. The seafood industry is one of the booming industries in Asia Pacific due to the availability and health benefits associated with seafoods. Consumers in developing countries are experiencing a sharp increase in their disposable income, raising their purchasing power. Various seafood products, including frozen seafood products, are witnessing a surge in demand. The rising disposable income levels of consumers and the growth of the middle-class population are among the key factors driving the frozen seafood market demand in the region.

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Frozen Seafood Market: Strategic Insights

Market Size Value inUS$ 16.27 Billion in 2022
Market Size Value byUS$ 22.57 Billion by 2028
Growth rateCAGR of 5.6% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on Frozen Seafood Market

Before the COVID-19 pandemic, the frozen seafood market growth was primarily driven by the rising demand for food products with high nutritional value. However, the market faced hurdles during the first quarter of 2020 due to business shutdown and raw material and labor shortages. The COVID-19 pandemic led to economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers.

Moreover, due to restrictions, people stayed at home and cooked at home, creating a demand for packaged food products that are easy to cook and quality. Consumers also became health conscious and preferred food products that provided essential nutrients, which increased the market growth during the COVID-19 pandemic.

Frozen Seafood Market Breakdown: by Region, 2021

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Market Insights

Benefits of Consuming Frozen Seafood

Consuming frozen seafood provides various health benefits. It consists of minerals, vitamins, and omega - 3, among others, essential for the human body and brain. It reduces the risk of heart attacks and strokes, improves eyesight,  treats depression, improves brain health, improves skin and hair texture, and improves the immune system. Freezing seafood products increase the shelf life of seafood products and maintain the quality of the seafood for a longer duration.

Frozen seafood is available in a wide range, and people can choose from a large portfolio according to their needs. It is also convenient to cook, and it also avoids wastage.

Category Insights

Based on product type, the global market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. In 2021, the frozen fish segment accounted for the largest revenue share and is expected to account for the highest growth rate over the forecast period. A typical source of high-quality protein is fish. In addition to having higher levels of omega-3 fatty acids and Vitamins D and B2 (riboflavin), fish is also lower in calories, saturated fats, and cholesterol than other foods. In addition to being an excellent source of minerals like iron, zinc, iodine, magnesium, and potassium that can lower blood pressure and help lessen the risk of a heart attack or stroke, fish is also high in calcium and phosphorus.

Frozen Seafood Market, by Type – 2021 and 2028

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Thai Union Group, Sterling Seafood Corp., Clifton Seafood Company, Marine Foods, Viet Asia Foods Company, American Seafoods, Mazetta Company LLC, High Liner Foods Inc, The Sirena Group, and Castlerock Fisheries Pvt. Ltd. are the players operating in the market. These companies provide a wide range of product portfolios for the market. The companies have their presence in developing regions, providing lucrative market opportunities. Market players are developing high-quality, innovative products to meet customer requirements.

Report Spotlights

  • Progressive industry trends in the market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the frozen seafood products market size from 2020 to 2028
  • Estimation of global frozen seafood market demand
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook and factors driving and restraining the growth of the frozen seafood market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The size of the frozen seafood market size at various nodes
  • Detailed overview and segmentation of the market, as well as the frozen seafood industry dynamics
  • Frozen seafood market size in various regions with promising growth opportunities

The "Frozen Seafood Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a special focus on the global frozen seafood market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.

The frozen seafood market is analyzed based on type, distribution channel, and geography. Based on type, the global frozen seafood market is segmented into frozen fish, frozen crustaceans, frozen mollusks, and others. Based on distribution channel, the global frozen seafood market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.

Company Profiles

Thai Union Group, Sterling Seafood Corp., Clifton Seafood Company, Marine Foods, Viet Asia Foods Company, American Seafoods, Mazetta Company LLC, High Liner Foods Inc, The Sirena Group, and Castlerock Fisheries Pvt. Ltd. are the prominent players operating in the global frozen seafood market.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Distribution Channel, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Can you list some major players operating in the global frozen seafood market?

Some of the major players operating in the global frozen seafood market are IFC Frozen Seafood, Sterling Seafood, Clifton Seafood Company, Marine Foods, Viet Asia Foods, American Seafoods Company LLC, Mazetta Company LLC, High Liner Foods Inc., The Sirena Group, and Castlerock Inc.

In 2021, which region held the largest share of the global frozen seafood market?

In 2021, Asia Pacific accounted for the largest share of the global frozen seafood market. The growth of the frozen seafood industry is also attributed to the rising awareness regarding health benefits offered by frozen seafood. People are trying to save time and effort and prefer to use packaged frozen seafood products as they are easy to cook and it also provides essential nutrients to the human body.

What are the drivers for the growth of the global frozen seafood market?

Growing demand for seasonal fish products and increasing health awareness among consumers are drivers of frozen seafood. Frozen seafoods provide seasonal fish products year-round. Increasing health awareness among consumers have fuelled the demand for frozen seafood as it is packed with many essential nutrients required by human body.

Which type segment is the fastest growing in the frozen seafood globally?

Based on the segment type, frozen fish is expected to be the fastest-growing segment during the forecast period. Frozen fish are ideal for vitamins, mineral, and omega – 3. Frozen fish products have various health benefits.

Based on the distribution channel, which segment led the global frozen seafood market in 2021?

Based on the distribution channel, supermarkets and hypermarkets segment accounted for the highest share of the global market in 2021. The manufacturers of frozen seafood usually prefer selling their products through supermarkets and hypermarkets because of the heavy customer footfall at these outlets.

What are the trends observed in the global frozen seafood market?

Increased consumption of packaged seafood products is a recent trend in the global frozen seafood market. Packaged seafood products are becoming popular among consumers owing to their convenience. Packaged frozen seafood products are easy to use as they are packed in appropriate portions, easy to prepare, helps avoid wastage, and saves time.

The List of Companies - Frozen Seafood Market

  1. IFC Frozen Seafood
  2. Sterling Seafood
  3. Clifton Seafood Company
  4. Marine Foods
  5. Viet Asia Foods
  6. American Seafoods Company LLC
  7. Mazetta Company LLC
  8. High Liner Foods Inc
  9. The Sirena Group
  10. Castlerock Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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